Common use of Excess Expenses Clause in Contracts

Excess Expenses. If the expenses for any Portfolio for any fiscal year (including fees and other amounts payable to the Adviser, but excluding interest, taxes, brokerage costs, litigation, and other extraordinary costs) as calculated every business day would exceed the expense limitations imposed on investment companies by any applicable statute or regulatory authority of any jurisdiction in which Shares are qualified for offer and sale, the Adviser shall waive its fees, or reimburse to the Trust out of fees previously paid to the Adviser for such year in the amount necessary to comply with the expense limitation. However, no waiver or reimbursement under the foregoing paragraph shall be made which would result in the Trust's inability to qualify as a regulated investment company under provisions of the Internal Revenue Code. Waivers or reimbursements pursuant to this Section 4 shall be settled on a monthly basis (subject to fiscal year end reconciliation) by a reduction in the fee payable to the Adviser for such month pursuant to Section 3 and, if such reduction shall be insufficient to offset such expenses, by reimbursing the Trust.

Excess Expenses. If the expenses for any Portfolio for any fiscal year (including fees and other amounts payable to the Adviser, but excluding interest, taxes, brokerage costs, litigation, and other extraordinary costs) as calculated every business day would exceed the expense limitations imposed on investment companies by any applicable statute or regulatory authority of any jurisdiction in which Shares are qualified for offer and sale, the Adviser shall waive its fees, or reimburse to the Trust out of fees previously paid to the Adviser for such year in the amount necessary to comply with the expense limitation. However, no waiver or reimbursement under the foregoing paragraph shall be made which would result in the Trust's inability to qualify as a regulated investment company under provisions of the Internal Revenue CodeCode of 1986, as amended. Waivers or reimbursements pursuant to this Section 4 5 shall be settled on a monthly basis (subject to fiscal year end reconciliation) by a reduction in the fee payable to the Adviser for such month pursuant to Section 3 and, if such reduction shall be insufficient to offset such expenses, by reimbursing the Trust.

Excess Expenses. If the expenses for any Portfolio for any fiscal year (including fees and other amounts payable to the Adviser, but excluding interest, taxes, brokerage costs, litigation, and other extraordinary costs) as calculated every business day would exceed the expense limitations imposed on investment companies by any applicable statute or regulatory authority of any jurisdiction in which Shares are qualified for offer and sale, the Adviser shall waive its fees, or reimburse to the Trust out of fees previously paid to the Adviser for such year in the amount necessary to comply with the expense limitation. However, no waiver or reimbursement under the foregoing paragraph shall be made which would result in the Trust's inability to qualify as a regulated investment company under provisions of the Internal Revenue CodeCode of 1986, as amended. Waivers or reimbursements pursuant to this Section 4 shall be settled on a monthly basis (subject to fiscal year end reconciliation) by a reduction in the fee payable to the Adviser for such month pursuant to Section 3 and, if such reduction shall be insufficient to offset such expenses, by reimbursing the Trust.